(VOVworld) - The European Commission has officially given France, Italy and Belgium more time until next March to adjust their budget otherwise they will be punished for breaking EU rules.

At that point, France could face a multi-billion euro fine and Italy and Belgium be put on a disciplinary program. The Commission urges all of the countries not to break their budget limits, but picks out Rome, Paris and Brussels for a second review of compliance in March. The delay gives them more time to adjust policy before the EU executive must decide whether to fine France for missing targets or put Italy and Belgium under a disciplinary procedure because of their debt levels. Overall, the Commission is of the opinion that the Draft Budgetary Plan of France, which is currently under the corrective arm, is at risk of non-compliance with the provisions of the Stability and Growth Pact. According to EC, four other member countries including Spain, Portugal, Austria, and Malta are at risk of busting budget limits.